Preparing a SaaS Company for a SPAC Merger
A SaaS company providing cloud-based contact center solutions was preparing for a merger with a Special Purpose Acquisition Company (“SPAC”). The Company required support in preparing public company financial statements, successfully completing a PCAOB audit, and drafting financial information for a proxy filing to obtain shareholder approval for the SPAC merger. The Company also required assistance accelerating its accounting close process in preparing to operate as a public company. Accordion was selected to be the go-to partner for the engagement.
Financial Statement Preparation & Analysis
- Served as the Project Management Office – managing, coordinating, and overseeing the multiple functional areas and workstreams, including cross-functional interdependencies, involved in signing the merger agreement and PIPE subscriptions and preparing the preliminary proxy filing.
- Prepared 2018 and 2019 financial statement uplift to comply with S-X requirements.
- Prepared year to date 2019 and 2020 PCAOB compliant financial statements.
- Assisted in PCAOB audit for 2018 and 2019 and prepared Company for 2020 PCAOB audit.
- Researched and prepared technical accounting memos and policies related to: accounting for the transaction, stock-based compensation and cheap stock, segment reporting, earnings per share, goodwill/intangible and long-lived assets impairment, and going concern – among others.
- Assisted with drafting the preliminary proxy filing – including management’s discussion and analysis, pro forma financial statements, and non-GAAP measures – among others.
- Assessed the Company’s current accounting close process and helped implement recommendations to accelerate the Company’s accounting close process to meet public company standards and deadlines.
Accordion supported the Company through a successful signing of the deal and filing of the preliminary proxy statement with the SEC. The financial statement close was accelerated from approximately 15 days to 5 days. Our team continues to advise and support the Company through amending the proxy filing for 2020 financials and SEC comments through transaction close, filing of the Super 8-K, and registration of the PIPE shares.